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[Cu] CBI Morning Review - 2009/4/21 Copper Market
SHANGHAI, Apr. 21 (CBI China) -- The U.S. dollar became strong, while the U.S. stock fell, depressed the market players confidence in copper market, with hedge sentiment in stronger position. The long investors closed position after profit-taking, driving copper price down significantly, LME three-month copper closed at USD 4,575/mt, down USD 215/mt. Although the inventories still declined sharply by 7,300mt, more attentions were focused on the weakened surrounding markets. Recently, SHFE copper price will fall slightly. Spot premium remained at high levels, while the downstream producers took wait-and-see attitude, so the support of spot goods was limited to futures. Current market sentiment will continue in the near future.
Copyright ? 2009, CBI (Shanghai) Co., Ltd. All Rights Reserved.
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